Committee composition for operational creditors: representation by largest operational creditors, workmen and employees, voting proportional to debt. Where a corporate debtor has no financial debt or all financial creditors are related parties, a committee is constituted solely from operational creditors: the largest operational creditors by value (or all if fewer), plus one representative elected by workmen and one by employees. Members have voting rights proportionate to the debt they represent; total debt is the sum of debts due to those operational creditors and the aggregate debts due to workmen and employees. The committee and its members have the same rights, powers, duties and obligations as a committee comprising financial creditors.
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Committee composition for operational creditors: representation by largest operational creditors, workmen and employees, voting proportional to debt.
Where a corporate debtor has no financial debt or all financial creditors are related parties, a committee is constituted solely from operational creditors: the largest operational creditors by value (or all if fewer), plus one representative elected by workmen and one by employees. Members have voting rights proportionate to the debt they represent; total debt is the sum of debts due to those operational creditors and the aggregate debts due to workmen and employees. The committee and its members have the same rights, powers, duties and obligations as a committee comprising financial creditors.
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